Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD (1.6610)
The UK manufacturing PMI just came in at 52.5 in August. This is down from the 55.4 in July and broadly missed expectations for 55.1. This is the slowest expansion since June 2013, roughly 15 months. The economic data misses for the United Kingdom continues to occur signaling that investors are overestimating the strength of Britain’s economy.
Technically speaking, we are testing near term resistance at 1.6611/1.6612. This is a former support level. While the broad term picture has not changed and we appear to have found a floor, we are trading relatively flat. There is no sign of a clear bullish reversal as of yet. We still have the key technical level of 1.6620 which needs to be broken. Also the ratio of long to short positions is at 1.72. The percentage of long positions is around 63 percent.
